Student Unions & Activities : University of Minnesota

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Budgeting

Student groups should develop an annual budget and have it approved by members before any expenditure is made. The annual budget should include all projected expenses and income. Student groups should track their ongoing expenses and income in comparison to their projected numbers. The budget should also break down expenses for operational costs as well as event costs. As a best practice, we encourage groups to include financial information for three years, including the previous year, the current year, and the projected budget for the next year. Groups are encouraged to use software such as Quicken, Excel, or Quickbooks to help track their expenses.

Budget Worksheet Overview

Student Unions & Activities recommends using the sample budget worksheet when managing student group finances. Captures three year timeframe:

  • Actual income/expenses from previous year
  • Current/budgeted income and expenses for current year
  • Anticipated/requested income and expenses for upcoming year

Student Activities Advisors are happy to meet with group leadership to go over sample annual budget worksheets and event budget worksheets. Please email sao@umn.edu to schedule an appointment.